Amtech Esters IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Amtech Esters

Price band

₹71 – ₹75

Lot size

1600 shares

Min investment

₹1,20,000

Issue size

₹17.88 Cr

About the company

Amtech Esters Limited was started in May 2002 and became a public limited company in December 2023. It is a business to business chemical manufacturer, which means it sells to other companies rather than to the public. Its main product is Unsaturated Polyester Resin, usually called UPR. This is the resin used to make fibre reinforced plastic, or FRP, products. Alongside the resin it makes and supplies related items such as fibreglass, hardeners, silicones and other products used in the same work. By offering these together it lets a customer buy everything needed for a job from one place, from the base resin and reinforcement through to curing and finishing materials. The company also owns Croda Pigments Private Limited as a wholly owned subsidiary. That company makes pigments, which are the colouring and additive materials used in paints, varnishes, dyes, glues and gums, and it widens the group's overall range. Amtech Esters has its own research and development and quality control departments and holds ISO 9001:2015 certification. Its plant is at Bahadurgarh in Jhajjar district, Haryana. As on 31 March 2026 it had 60 employees.

Amtech Esters Limited manufactures Unsaturated Polyester Resins and trades complementary products such as fibreglass, hardeners and silicones used across the resin and FRP value chain. It runs an ISO 9001:2015 certified plant at Bahadurgarh in Haryana and makes pigments through its subsidiary Croda Pigments.

IPO details

Issue price: ₹75
Price band: ₹71 – ₹75
Face value: ₹10
Lot size: 1600
Min investment: ₹1,20,000
Issue size: ₹17.88 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7955
NSE symbol: AMTECH.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,600	₹1,20,000
Retail (Max)	1	1,600	₹1,20,000
HNI (Min)	2	3,200	₹2,40,000

Investor reservation

CATEGORY	RESERVED
QIB	11,29,600 shares (49.89% of the Offer)
NII	3,40,800 shares (15.05% of the Offer)
Retail	7,93,600 shares (35.05% of the Offer)

Objects of the issue

1Investment in the subsidiary, namely Croda Pigments Private Limited, by way of debt:1.Towards capital expenditure requirements of the subsidiary;2.To meet the incremental working capital requirements of the subsidiary8.81

2Repayment or prepayment, in full or in part, of certain borrowings availed by the Company4.20

3Funding inorganic growth through unidentified acquisitions and general corporate purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	34.47	27.86	24.79
Total Income	40.75	36.97	27.24
Profit After Tax	4.22	3.72	2.84
EBITDA	7.49	6.50	1.65
NET Worth	19.58	15.36	11.64
Reserves and Surplus	13.14	12.14	8.41
Total Borrowing	3.41	3.99	4.49

Key performance indicators

EPS (₹)

4.78

RoCE

35.10%

RoNW

27.58%

PAT Margin

10.09%

✓ Strengths

• Profit has grown every year, from Rs 2.84 crore in FY2024 to Rs 3.72 crore in FY2025 and Rs 4.22 crore in FY2026.

• Sales have grown from Rs 27.24 crore in FY2024 to Rs 36.97 crore in FY2025 and Rs 40.75 crore in FY2026.

• EBITDA improved sharply, from Rs 1.65 crore in FY2024 to Rs 6.50 crore in FY2025 and Rs 7.49 crore in FY2026.

• Return ratios are strong, with RoCE of 35.10% and RoNW of 27.58%, and a PAT margin of 10.09%.

• The company carries little debt. Borrowing was Rs 3.41 crore against a net worth of Rs 19.58 crore, and it has come down every year.

• Offering the resin along with fibreglass, hardeners and silicones gives customers a single source for a whole job, which helps hold on to them.

• The subsidiary Croda Pigments adds pigments to the range, which sells into paints, varnishes, dyes and glues.

• It has a long record of over 20 years, holds ISO 9001:2015 certification and has its own R&D and quality control departments.

⚠ Risks

• The P/E is not stated in the data available to us, so the issue cannot be compared with peers on earnings from here.

• Growth has slowed. Total income rose only 10% in FY2026 against 36% the year before.

• This is a very small company, with a net worth of Rs 19.58 crore and 60 employees.

• Unsaturated Polyester Resin is made from petrochemical feedstock, so raw material cost moves with crude oil and cannot always be passed on.

• A part of the business is trading rather than manufacturing, which normally earns a lower margin.

• Rs 8.81 crore of the issue money goes into the subsidiary Croda Pigments as debt rather than into the parent company's own capacity.

• A further part is kept for unidentified acquisitions along with general corporate purposes, so investors do not know where that money will go.

• The whole business runs from one plant at Bahadurgarh in Haryana, so there is single location risk.

• Promoter holding is already moderate at 62.35% and falls to 45.52% after the issue, leaving the promoters below a half share.

• This is an SME issue. One lot is 1,600 shares, which is Rs 1.20 lakh at the upper band of Rs 75, and SME shares usually trade in low volume after listing.

Promoters & holding

Ajit Singh Bawa, Gurpreet Kaur Bawa and Meenakshi Sharma

Pre-issue promoter holding

62.35%

Post-issue promoter holding

45.52%

Data refreshed 07 Nov 2026, 04:59 pm IST. GMP is unofficial market sentiment, not investment advice.